Bitcoin Slides Under $113K as Equities Rally to New Highs; Bitfinex Warns of Further Downside

Bitcoin’s latest rally attempt faltered on Tuesday as tech giant Nvidia’s record-breaking run appeared to draw capital away from digital assets.

The largest cryptocurrency fell 2% to around $112,700, reversing gains made earlier in the session and once again failing to sustain a move above $116,000. The pullback mirrored Monday’s intraday reversal, suggesting persistent selling pressure near recent highs.

Ether (ETH) declined 4% to $3,969, slipping below the key $4,000 level, while most major altcoins traded in the red. Solana (SOL) and Litecoin (LTC) each dropped nearly 4%, and Hedera (HBAR) surrendered half of its prior ETF-fueled gains. The market showed little reaction to three new U.S. spot ETF listings, underscoring weak momentum across the sector.

By contrast, U.S. equities surged to new all-time highs, with the S&P 500 crossing 6,900 and the Nasdaq also setting a record. Nvidia led the charge, rallying 5% to close just shy of a $5 trillion market cap as CEO Jensen Huang delivered a keynote address at the GPU Technology Conference.

Crypto-related equities, which started the day strong, also lost steam by the close. Mining and AI infrastructure plays such as Bitfarms (BITF), CleanSpark (CLSK), HIVE, and IREN ended down between 4%–5%, while Galaxy Digital (GLXY) tumbled 8% following news of a $1.15 billion capital raise. Strategy (MSTR), the largest corporate holder of bitcoin, declined 3.7%.

Bitfinex Cautions: BTC Must Hold $113.6K to Avoid Deeper Correction

Despite rebounding from the October 10–11 crash, bitcoin remains vulnerable to further downside, according to a Bitfinex market report.

Analysts identified $113,600—the short-term holder cost basis—as a key support level. Maintaining this threshold would “confirm a constructive shift” and potentially mark the transition from correction to accumulation, the report said.

However, failure to hold above $113,600 could open the door to a deeper retracement toward $97,500, which Bitfinex described as the “likely lower bound” of the ongoing consolidation range.